|
|
Article: MANNKIND RAISES $175M TO DEVELOP INHALED INSULIN SYSTEM.
- Article from:
- BIOWORLD Today
- Article date:
- August 4, 2005
- Author:
CopyrightCOPYRIGHT 2005 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: Aaron Lorenzo, Washington Editor
MannKind Corp. is raising $175 million through a private stock and warrant sale, with its top executive buying into half of the placement, to further fund the pivotal development of its lead product.
"We publicly stated in our last SEC filing that we would have sufficient cash to last through the third quarter of this year," Dick Anderson, MannKind's chief financial officer, told BioWorld Today. "The Street was expecting us to go out and raise money sometime this summer, so this was not a surprise."
Nevertheless, the financing was well received as the Valencia, Calif.-based company's shares ...